Stock Analysis on Net

AT&T Inc. (NYSE:T)

Price to FCFE (P/FCFE) 

Microsoft Excel LibreOffice Calc

Free Cash Flow to Equity (FCFE)

AT&T Inc., FCFE calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) attributable to AT&T 20,081  (5,176) 13,903  19,370  29,450 
Net income attributable to noncontrolling interest 1,398  1,355  1,072  583  397 
Net noncash charges 36,161  60,268  45,619  34,017  11,936 
Changes in operating assets and liabilities (15,683) (13,317) (11,926) (10,368) (2,632)
Net cash provided by operating activities 41,957  43,130  48,668  43,602  39,151 
Capital expenditures (16,527) (15,675) (19,635) (21,251) (21,550)
Net change in short-term borrowings with original maturities of three months or less 1,316  (17) (276) (821) (2)
Issuance of other short-term borrowings 21,856  9,440  4,012  4,898  — 
Repayment of other short-term borrowings (7,510) (9,467) (6,904) (2,098) — 
Issuance of long-term debt 9,931  31,988  17,039  41,875  48,793 
Repayment of long-term debt (3,142) (39,964) (27,592) (52,643) (12,339)
Free cash flow to equity (FCFE) 47,881  19,435  15,312  13,562  54,053 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to AT&T Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. AT&T Inc. FCFE increased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

AT&T Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
No. shares of common stock outstanding 7,159,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 47,881 
FCFE per share 6.69
Current share price (P) 20.57
Valuation Ratio
P/FCFE 3.08
Benchmarks
P/FCFE, Competitors1
T-Mobile US Inc.
Verizon Communications Inc.
P/FCFE, Sector
Telecommunication Services 15.02
P/FCFE, Industry
Communication Services 19.80

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

AT&T Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 7,142,892,741 7,131,763,496 7,172,884,070 7,284,589,883 6,141,532,706
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 47,881  19,435  15,312  13,562  54,053 
FCFE per share3 6.70 2.73 2.13 1.86 8.80
Share price1, 4 23.94 28.63 38.61 30.85 36.77
Valuation Ratio
P/FCFE5 3.57 10.51 18.09 16.57 4.18
Benchmarks
P/FCFE, Competitors6
T-Mobile US Inc. 15.91
Verizon Communications Inc. 6.74 24.36 19.75 17.18
P/FCFE, Sector
Telecommunication Services 16.08 9.24 26.21 24.02 7.65
P/FCFE, Industry
Communication Services 24.63 20.42 31.51 19.07 16.71

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 47,881,000,000 ÷ 7,142,892,741 = 6.70

4 Closing price as at the filing date of AT&T Inc. Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 23.94 ÷ 6.70 = 3.57

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. AT&T Inc. P/FCFE ratio decreased from 2019 to 2020 and from 2020 to 2021.